DBS Bank Ltd is an international banking and financial services corporation headquartered in Marina Bay, Singapore. The company was named The Development Bank of Singapore Limited, before the present name was taken up in July 2003 to demonstrate its evolving role as a regional bank.
The bank was put together by the Government of Singapore in July 1968 to manage the industrial financing activities from the Economic Development Board. Today, its branches numbering in excess of 100 can be found island-wide. DBS Bank is the largest bank in South East Asia by assets and among the larger banks in Asia, with total assets of S$ 482 billion as at 31 Dec 2016. It has market-dominant positions in consumer banking, treasury and markets, asset management, securities brokerage, equity and debt fund-raising in Singapore and Hong Kong.
Advice When it comes to Taking Personal Loans In Singapore
If you are preparing to take a major loan, do not ever take out a individual loan from a bank a few months prior to the significant loan. This will affect you.
When you take a bank loan for a cars and truck or home, a key aspect is your DSR (Debt Servicing Ratio ). This measures exactly what percentage of your income can enter into repaying the housing or auto loan, including other overheads (e.g. repayment for other personal loans).
In other words, a Debt Servicing Ratio of 50% suggests that all your debt responsibility can not exceed 50% of your earnings. As a guide, most banks permit 40% Debt Servicing Ratio for a home and 30% for a vehicle loan
Specific Loans Are Cheaper – Take out a specific loan where you take a renovation loan for your renovation needs and a auto loan for your automobile. It is not wise to take out a individual loan for your vehicle or renovation needs. When it pertains to banks, specific loans’ rate of interest are lower.
They are unsecured where you have absolutely nothing to back the loans if you can not repay the banks when it comes to individual loans. Such loans are riskier for the banks and they have a higher rates of interest for individual loans. Due to the nature of such individual loans, it is not recommended to take individual loans except for emergency situation circumstances.